Brexit….. My take is that it is not necessarily an anti-Europe vote, it is an ANTI POLITICIAN vote. The British politicians have sold the people out in favor of globalism, and while great for the political ruling class, that’s proven to be not what is best for the British people. The Brits standard of living has gone down in the effort to increase the standard of others (less productive European states). If 1 + 1 = 3, that would be fine, but as is usually the case with socialistic policies, 1 + 1 = 1.8. This is the people’s way, the middle classes way, of raging against the machine, the political machine. ………. Next up, the good old USA. ………

…….. I think it’s also the beginning of the end of global QE, which is why you see all markets dropping (except flight to safety bonds). The country’s (like England) markets that are better off without globalism will stop dropping 1st and will recover, while countries like Greece’s markets will plunge further into the abyss. In any event we all get to somewhere near we would have been had the markets been allowed to find their equilibrium back in 2008 without government intervention. The only difference is that it’s been 8 years of pain for many as opposed to a shorter, sharper pain back then. The financial markets equivalent of pulling a band aid off ones arm slowly, pulling each hair out one at a time, or with one quick pull, ripping them all out at once. Quicker is usually less painful.

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